Update on ONGC Ltd by Motilal Oswal
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Revenue in line, miss on EBITDA; declares DPS of INR3.25
* ONGC reported an in line revenue at INR345b.
* Crude oil sold stood at 5.1mmt (in line) and gas sold at 4.1bcm (below our estimate).
* VAP sold 772tmt (in line with our estimate, up 6% YoY and 7% QoQ).
* EBITDA stood at INR185.9b, up 84% YoY and 16% QoQ.
* Reported PAT came in at INR88.6b (28% lower than our estimate, up 32% YoY and flat QoQ).
* In FY22, revenue stood at INR1,103.5b (up 62% YoY), with EBITDA at INR599.4b (up 83%). Reported PAT grew 258% to INR403.1b.
* Crude oil sold stood at 20.3mmt (flat YoY), with 16.8bcm of gas sold (down 5% YoY). VAP sold stood at 3,057tmt (flat YoY) in FY22.
* The company announced a final dividend of INR3.25/share.
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